Dollar to remain on current levels in Kazakhstan In July

/REUTERS, Almaty, Tatyana Seroshtanova, July 2, 2008/ - According to dealers` forecast, the situation on Kazakhstan currency market will rather stable in July, with dollar quotes fluctuating within KZT120.40 - 121.00 per $1. "We consider that the rate will still remain within KZT120.40 - 121.00 per $1. At the current moment there is tranquility on the market and we don't expect that the rate will come out these limits" - a dealer of Nurbank said. According to dealers, fluctuations of USD/KZT pair will still remain within very narrow range and the situation will likely to resemble that of the previous month. According to Kazakhstan Stock Exchange, weighted average rate of Kazakhstan tenge as of June 30 made KZT120.75 per $1, compared to KZT120.54 as of May 30. According to some traders, Kazakhstan banks` maturity of foreign debts led to insignificant dollar deficit on the market, which may trigger slight depreciation of the national currency in short term prospect. "In July the maximum level can make KZT120.90 per $1, minimal - KZT120.40. Lately the rate was at KZT120.70 per $1. The reason of insignificant dollar growth may be local dollar deficit on the market" - a Kazkommertsbank`s dealer said. "Besides, there is a global deficit of "short money", which is proved by the situation on inter-bank short deposits; overnight deposits are quoted higher than tomweek. World tendencies bring no significant influence on Kazakhstan market at this stage. Kazakhstan banks foreign payments schedule rather influences on the local market" - he added. According to traders, ask prevailed over bid and is still satisfied at the current moment. If there was no bid on the market, there is likely to be a break higher than KZT121.00 per $1, but it may happen at absence of regulating influence. [2008-07-02]